Google moved to take advantage of 111 8th Avenue’s fiber optic connections. But advertising execs say the move makes cultural sense, too.
In the midst of its biggest expansion into advertising markets yet, the world’s most popular search engine recently decamped from the pedestrian confines of its Time Square office into 311,000 square feet of space at 111 8th Avenue, a hulking building across from Chelsea Market and the Maritime Hotel.
According to eMarketer, the search engine has captured 56.7 percent of search share. That’s a powerful advantage in the $16.7 billion online advertising market, where 42.5 percent of all online ad spending goes toward paid search and contextual ads, Google’s bread and butter.The company is making moves in offline markets as well. Google recently signed an advertising deal with XM Satellite Radio, is testing mobile ads on cell phones and has made no secret of its plans to move into television advertisements.It’s also a bit of historical irony — not to be lost on those who keep an eye on Google’s burgeoning revenue — that 111 8th Avenue was formerly home to one of the largest paper check processing centers in Manhattan.Rob Moorman, chief marketing officer for Saatchi and Saatchi, agreed that Google was always a topic of conversation among advertisers. He noted that another of the world’s premier advertising firms, Deutsche, was also located in Google’s building.”If everything you read about [Google] is true,” he said, “then pretty soon all the ad agencies in New York are going to want to move down to Chelsea just to be near them.”